Aeva Technologies (NASDAQ:AEVA) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Key Points

• Aeva Technologies reported a quarterly earnings per share (EPS) of ($0.55), missing the consensus estimate of ($0.53) by ($0.02).
• The company achieved revenue of $5.51 million for the quarter, surpassing analysts' expectations of $3.40 million.
• Several analysts have updated their price targets, with Morgan Stanley raising theirs from $11.00 to $19.00 and Roth Capital increasing theirs from $17.00 to $30.00, indicating varied outlooks on the stock's performance.

Aeva Technologies (NASDAQ:AEVA - Get Free Report) announced its quarterly earnings data on Thursday. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.02), Zacks reports. Aeva Technologies had a negative net margin of 2,178.31% and a negative return on equity of 130.04%. The business had revenue of $5.51 million for the quarter, compared to analysts' expectations of $3.40 million.

Aeva Technologies Price Performance

Shares of AEVA stock traded down $2.79 during trading hours on Friday, reaching $15.85. The stock had a trading volume of 3,890,699 shares, compared to its average volume of 2,604,152. The firm has a market capitalization of $872.07 million, a PE ratio of -2.88 and a beta of 1.95. The firm has a 50-day simple moving average of $25.20 and a 200-day simple moving average of $12.84. Aeva Technologies has a twelve month low of $2.36 and a twelve month high of $38.80.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley increased their price target on shares of Aeva Technologies from $11.00 to $19.00 and gave the company an "equal weight" rating in a research note on Friday. Roth Capital increased their target price on shares of Aeva Technologies from $17.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Wall Street Zen lowered shares of Aeva Technologies from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Canaccord Genuity Group increased their target price on shares of Aeva Technologies from $9.50 to $16.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, Oppenheimer increased their target price on shares of Aeva Technologies from $18.00 to $33.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.33.

Insider Activity at Aeva Technologies

In related news, CFO Saurabh Sinha sold 22,239 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $30.53, for a total transaction of $678,956.67. Following the transaction, the chief financial officer owned 970,710 shares of the company's stock, valued at approximately $29,635,776.30. This trade represents a 2.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Soroush Salehian Dardashti sold 250,000 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $15.70, for a total transaction of $3,925,000.00. Following the transaction, the chief executive officer directly owned 3,514,808 shares in the company, valued at approximately $55,182,485.60. The trade was a 6.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 772,164 shares of company stock worth $15,598,535 in the last 90 days. Corporate insiders own 27.20% of the company's stock.

Hedge Funds Weigh In On Aeva Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of AEVA. Jones Financial Companies Lllp boosted its stake in shares of Aeva Technologies by 27,345.0% in the 1st quarter. Jones Financial Companies Lllp now owns 5,489 shares of the company's stock valued at $38,000 after purchasing an additional 5,469 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Aeva Technologies by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,722 shares of the company's stock valued at $96,000 after acquiring an additional 630 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of Aeva Technologies by 29.2% in the 1st quarter. AQR Capital Management LLC now owns 20,849 shares of the company's stock valued at $146,000 after acquiring an additional 4,707 shares during the period. Institutional investors own 62.92% of the company's stock.

About Aeva Technologies

Aeva Technologies, Inc engages in the design, development, manufacture, and sale of LiDAR sensing systems, and related perception and autonomy-enabling software solutions in North America, Europe, the Middle East, Africa, and Asia. The company develops its products using frequency modulated continuous wave (FMCW) sensing technology.

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